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29 Sep, 2015

Auction Set for Personal Assets of Husband and Wife at Center of $38 Million Insurance Fraud

29 Sep, 2015 - Tranzon Asset Strategies

Individuals looking to score luxury goods at bargain prices can do so October 8, when Tranzon Asset Strategies, in association with Tiger Capital Group's Remarketing Services Division, conduct a live webcast auction for more than 300 pieces of high-end designer jewelry, shoes, handbags and clothing, and a luxury sports car and pickup truck formerly owned by Michael Petronella (also known as Michael Constantine) and his wife, Devon Kile. Tranzon and Tiger are acting by order of the Court-appointed Receiver.

The ballroom auction will take place on October 8, beginning at 4:00 p.m. (PT) at the Wyndham Hotel near John Wayne Airport, located at 17941 Von Karman Ave., Irvine, Calif. Those intending to bid live online during the auction are required to register at www.proxibid.com/tranzontiger at least 24 hours prior to the event. Individuals wishing to submit pre-auction bids online can do so now at http://www.proxibid.com/tranzontiger. Photos of the various assets being offered are available on Proxibid.com/tranzontiger, and a preview will be held October 8 from 1:00 p.m. to 4:00 p.m. (PT), at the Wyndham Hotel.

"This sale represents a tremendous opportunity for fashionistas and others interested in high-end jewelry, designer handbags and shoes, and vintage fashion," said Tranzon Vice President Tiffeny Cook. "Ferrari enthusiasts will also jump at the chance to acquire a unique sports car."

Over 50 pieces of jewelry from Harry Winston and other designers will be available, including a 10-carat diamond ring, diamond bracelets, diamond earrings, and diamond rings. Prestige watches by Rolex, Cartier, Chopard, Panerai, Breitling and others will also be offered for sale.

Two vehicles, a 1987 Ferrari Testarossa, and a 2004 Ford F150 Super Crew, will also be up for bid.

The selection of designer clothes, handbags, shoes and accessories includes apparel by Versace (vintage Gianni and other Versace), Stella McCartney, Missoni, Mara Hoffman, and DVF; 100 handbags – many new and unused – by Louis Vuitton, Balenciaga, Chanel, Gucci, Prada, Versace, Dolce & Gabbana, Burberry and others; and approximately 100 pairs of shoes – many of them still in boxes with pricetags – by Christian Louboutin, Christian Dior, Dolce & Gabbana, Prada, Manolo Blahnik, Gucci, Jimmy Choo and other top brands.

For a full catalog of the items offered and details on how to schedule a site visit and bid, go to: www.proxibid.com/tranzontiger  

Petronella and Kile, owners of a roofing and general contracting business, were previously convicted of more than 100 felony counts of insurance fraud, tax charges and aggravated white collar crime in connection with a $38 million worker's comp insurance scam. Petronella was sentenced to 10 years in jail and ordered to pay more than $1 million in restitution and fines. His wife, who had been up for a role on the "Real Housewives" TV series, was sentenced to 10 years of probation and ordered to pay nearly $3 million in restitution and fines.

The Irvine auction follows earlier dispositions of the couple's real estate and vehicles. Similarly, leasing companies took back such other personal vehicles as a Bentley, Range Rover and a second Ferrari.

About Tranzon:  Tranzon is one of the largest real estate auction companies in the country, with 30 offices coast-to-coast.  Tranzon's accomplished auction professionals are widely recognized as leaders in the auction industry, and have conducted auctions in 48 states and the District of Columbia, selling billions of dollars in total asset value.  All Tranzon companies are independently owned and operated.

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